The Supreme Court raps the Centre over the Tribunals Reforms Act, saying, “You are testing the patience of the court; you have no respect for our judgments.” The Supreme Court chastised the Union Government on Monday for delaying the filling of vacancies in tribunals and for passing the Tribunals Reforms Act, which it described as
Introduction There is a word out in the legal arena about a review committee to be formed for the review of legal provisions that allow for the withdrawal of an insolvency case in approbation of an often-negligible one-time settlement (OTS). The Siva Industries Case What shall one anticipate when a bank loan of roughly to
What Happened? In December 2020, SBI filed an Insolvency petition filed against Videocon Industries Limited (Videocon). Later in that month, Videocon informed investors of approval by the Committee of Creditors (CoC) in a regulatory filing of a resolution plan as submitted by Twin-Star Technologies Limited. Twin Star Technologies is a limited company promoted by the
Introduction Illegal termination is not defined under any statutory provision. But it is defined as an act of firing an employee without any reasonable cause or; notwithstanding any provision related to the employment contract. Illegal termination involves the violation of anti-discrimination laws and a contractual breach. For example an employee cannot be fired on the
INTRODUCTION The term Moratorium is not defined under the IBC, 2016. The oxford dictionary defines moratorium as “a legal authorization to debtors to postpone payment”. Cambridge dictionary also defines it as “a stopping of an activity for an agreed amount of time”. As per Section 3 (8) of the Insolvency and Bankruptcy Code 2016, ‘corporate
The Corporate Insolvency Resolution Process (CIRP) is defined as a recovery mechanism for the creditors’ benefits. The concept of CIRP is given under the Insolvency and Bankruptcy Code, 2016 (IBC). If in case, a corporate entity stands unable to pay debts (insolvent), then, the concerned creditor or the corporate entity may initiate for CIRP. The
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